Renfe has returned to profitability in 2025, posting a net result of over €50 million thanks to the growth of high-speed services and a more efficient management of resources. The state-owned company thus consolidates the recovery that began the previous year, when it cut losses to record lows and left behind the negative streak caused by the pandemic and the liberalisation of the sector. It is now the only one of the three operators posting a positive result.
The group’s total revenue rose to €4.48 billion, up 2.5% from 2024, with an EBITDA of €528.6 million. The Passenger division was the driving force behind this performance, increasing its revenue by 5.6% to €3.983 billion and boosting its profit to €70.2 million. Over the year, Renfe carried more than 531 million passengers —the second-highest figure in its history— fuelled by strong demand for AVE, Avlo, Alvia and Cercanías services.
In the high-speed corridors, journeys grew by 6%, surpassing 37 million. Despite competition from Iryo and Ouigo, Renfe maintained both its market leadership and growth. In contrast, the freight business continued to decline: Renfe Mercancías posted losses of €44.8 million and carried 18% less cargo, reflecting a structural crisis that remains unresolved.
The rest of the divisions stayed in the black or stable. Engineering and Maintenance brought in €597.5 million, the Rolling Stock Leasing unit achieved a €5.2 million profit, and international projects generated revenues exceeding €20 million.